MEE Massey Energy Weekly Chart Overbot Rising Wedge Negative Divergence

MEE Massey Energy sad anniversary today of the West Virginia mine explosion. Production will be idled out of respect for the 29 miners who died a year ago. The white box shows the stock price falling after the incident.

As with all the coal names in the States, once the Aussie floods hit in the Fall 2010 and placed their coal mines under several feet of water, many still under water today, coal companies such as MEE took off to the upside. Let's call it the Aussie premium and MEE price has doubled due to the Aussie floods. The overbot conditions, rising wedge and negative divergence, however, signal an end to the upside fun. A spank down is at the doorstep. Price to move sideways to sideways down here on out. Gap at 58 provides a target below as the weeks play out.

Judging form this chart, and the end of its up move now, this means that the Aussie flood situation is under better control now and their coal mines are on line again or coming back on line shortly down under. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.